Every employee covered under this plan will receive an increase in salary. Here are the details of what you will be receiving starting January 1, 2008:
Hourly starting after 12/31/02
Increase of 11% in wage plus .15 per hour. For example, if your wage is $20.05/hr you will move to $22.41/hr. (20.05 x 1.11 + .15)
Hourly starting on or before 12/31/02
Increase of 12.5% in wage plus .15 per hour. For example, if your wage is $20.05/hr you will move to $22.71/hr. (20.05 x 1.125 + .15)
Salaried starting after 12/31/02
Increase of 11%. So if your salary is 45,000 per year or $1875/pay period you would go to $2081.25/pay period. (45000 x 1.11 / 24)
Salaried starting on or before 12/31/02
Increase of 12.5%. So if your salary is 45,000 per year or $1875/pay period you would go to $2109.38/pay period (45000 x 1.125 / 24)
What you will find when you look at the entire compensation plan is that the amount of wage increase is higher than the amount of contribution you will make as elections for your benefits. If you choose the same benefits as you had in 2007 you will still have an increase in your wage or salary. If you need and therefore choose less benefits you keep more of that increase in your paycheck.
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